Jinling Hotel Corp. Ltd. said its normalized net income for the first quarter was 709,210 yuan, a fall of 86.9% from 5.4 million yuan in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to 2.2% from 3.8% in the year-earlier period.
Total revenue increased 18.3% on an annual basis to 170.7 million yuan from 144.3 million yuan, and total operating expenses grew 24.8% on an annual basis to 173.7 million yuan from 139.2 million yuan.
Reported net income decreased 54.7% from the prior-year period to 3.2 million yuan, or 1 fen per share, from 7.0 million yuan, or 2 fen per share.
As of April 30, US$1 was equivalent to 6.20 yuan.
